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Intact Financial Corporation (TSX: IFC) Q3-2025 Review of Performance September 30, 2025
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2 Forward-looking statements Certain of the statements in this presentation about the Company’s current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute forward-looking statements. The words “may”, “will”, “would”, “should”, “could”, “expects”, “plans”, “intends”, “trends”, “indicates”, “anticipates”, “believes”, “estimates”, “predicts”, “likely”, “potential” or the negative or other variations of these words or other similar or comparable words or phrases, are intended to identify forward-looking statements. Unless otherwise indicated, all forward-looking statements in this presentation are made as at September 30, 2025, and are subject to change after that date. This presentation contains forward-looking statements with respect to the integration of Direct Line Insurance Group plc’s (“DLG”) brokered Commercial lines operations, the exit of Royal & Sun Alliance Insurance Limited from the UK Personal lines market, the realization of the expected strategic, financial and other benefits of these transactions and the impact of economic and other external conditions on the Company’s operations and financial performance. Forward-looking statements are based on estimates and assumptions made by management based on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes are appropriate in the circumstances. In addition to other estimates and assumptions which may be identified herein, estimates and assumptions have been made regarding, among other things, the realization of the expected strategic, financial and other benefits of the DLG brokered Commercial lines operations, the exit of Royal & Sun Alliance Insurance Limited from the UK Personal lines market, economic and political environments as well as industry conditions. There can also be no assurance that the strategic and financial benefits expected to result from the integration of DLG brokered Commercial lines operations will be realized. Many factors could cause the Company’s actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, credit, market, liquidity, operational, strategic and legal risks and the risks discussed in Section 27.6 - Top and emerging risks that may affect future results and Section 27.7 - Other risk factors that may affect future results of this presentation for the year ended December 31, 2024, including a major earthquake, climate change, climate-related litigation or activism, catastrophe, geopolitical risk, increased competition and disruption, turbulence in financial markets, reserving inadequacy, underwriting inadequacy, governmental and/or regulatory intervention, cyber security failure, project and change risk, inability to contain fraud and/or abuse, customer dissatisfaction, social unrest, third party reliance, employee defined benefit pension plan risks, reinsurance inadequacy, distribution risks, inability to retain and to attract talent, business interruption to our operations, credit downgrade, limit on dividend and capital distribution as well as artificial intelligence risk. All of the forward-looking statements included in this presentation and the quarterly earnings press release dated November 4, 2025, are qualified by these cautionary statements and those made in the section entitled Risk management (Sections 25 to 28) of our MD&A for the year ended December 31, 2024 and the Company’s Annual Information Form for the year ended December 31, 2024. The MD&A for the year ended December 31, 2024 and the Company’s Annual Information Form for the year ended December 31, 2024 are available on SEDAR+ at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect the Company. These factors should, however, be considered carefully. Although the forward-looking statements are based upon what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. When relying on forward-looking statements to make decisions, investors should ensure the preceding information is carefully considered. Undue reliance should not be placed on forward-looking statements made herein. The Company and management have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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3 Disclaimer This presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. The information contained in this presentation concerning the Company does not purport to be all-inclusive or to contain all the information that a prospective purchaser or investor may desire to have in evaluating whether or not to make an investment in the Company. The information is qualified entirely by reference to the Company’s publicly disclosed information. No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its the directors, officers or employees as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any person for such information or opinions. In furnishing this presentation, the Company does not undertake or agree to any obligation to provide the attendees with access to any additional information or to update this presentation or to correct any inaccuracies in, or omissions from, this presentation that may become apparent. The information and opinions contained in this presentation are provided as at the date of this presentation. The contents of this presentation are not to be construed as legal, financial or tax advice. Each prospective purchaser should contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice. Non-GAAP and Other Financial Measures We use both Generally Accepted Accounting Principles (GAAP) financial measures (“reported measures”), as well as Non-GAAP financial measures and Non-GAAP ratios (each as defined in National Instrument 52- 112 “Non-GAAP and Other Financial Measures Disclosure”) to assess our performance. Non-GAAP financial measures and Non-GAAP ratios (which are calculated using Non-GAAP financial measures) and other financial measures do not have standardized meanings prescribed by IFRS and may not be comparable to similar measures used by other companies in our industry. The principal Non-GAAP financial measures and other financial measures included in this presentation and other financial reports are: operating net underwriting revenue, operating net claims, operating net underwriting expenses, underwriting income (loss), distribution income, total finance costs, other operating income (expense), operating and total income tax expense (benefit), PTOI, NOI attributable to common shareholders, pre-tax income, non-operating results, adjusted net income attributable to common shareholders, adjusted average common shareholder’s equity, adjusted average common shareholder’s equity (excluding AOCI), adjusted total capital, debt outstanding and preferred shares. The Non-GAAP ratios included in the presentation and other financial reports (other than the condensed Consolidated financial statements) are: operating net underwriting revenue growth, operating net underwriting revenue growth in constant currency, combined ratio, claims ratio (including underlying current year loss ratio, CAT loss ratio and PYD ratio), expense ratio (including commissions ratio, general expenses ratio and premium taxes ratio), operating and total effective income tax rates, NOIPS, AEPS, ROE, OROE, AROE, adjusted debt-to-total capital ratio, total leverage ratio and preferred shares & hybrids ratio. The following are other supplementary financial measures included in the presentation and other financial report: operating DPW, operating DPW growth, operating DPW growth in constant currency, operating DPW, total capital margin, our regulatory capital ratios, BVPS and BVPS (excluding AOCI). We believe that similar measures and ratios are widely used in the industry and provide investors, financial analysts, rating agencies and other stakeholders with a better understanding of our business activity and financial results over time, in line with how management analyzes performance. Non-GAAP and other financial measures used by management are fully defined and reconciled to the corresponding GAAP measures, where applicable. We also use other financial measures to assess our performance, including supplementary financial measures and segment measures, which are further presented in the MD&A. See Section 15– Non-GAAP and other financial measures of the Q3-2025 MD&A for the definition and reconciliation to the most comparable GAAP measures (or “reported measures”), as well as the rationale for use. Important notes: ▪ Abbreviations and definitions of selected key terms used in this presentation are defined in Section 19 – Glossary and definitions of the Q3-2025 MD&A. ▪ Other insurance-related terms are defined in Section 19 – Glossary and definitions of the Q3-2025 MD&A, as well as in the glossary available in the “Investors” section of our web site at www.intactfc.com. ▪ Certain totals, subtotals and percentages may not agree due to rounding. Not meaningful (nm) is used to indicate that the current and prior year figures are not comparable, not meaningful, or if the percentage change exceeds 1,000%.
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4 Charles Brindamour Chief Executive Officer Q3-2025 Review of Performance
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5 Q3-2025 key points & highlights $4.73 EPS 2 increased year-over-year, driven by strong operating income and improved non-operating results 1These are supplementary and non-GAAP measures. See Section 15 – Non-GAAP and other financial measures of the Q3-2025 MD&A, available on www.sedarplus.ca. 2 Presented on a diluted basis. See Section 15 – Non-GAAP and other financial measures of the Q3-2025 MD&A, available on www.sedarplus.ca. 3 Growth in constant currency. increased from last quarter due to strong operating earnings, and included solid regulatory ratios in all jurisdictions $3.3B Total Capital Margin 1 $4.46 NOIPS 1,2 $3.45 higher than last year, driven by robust underwriting, investment and distribution income was strong and 14 points lower than last year, reflecting solid underlying performance across all geographies and lower catastrophe activity 89.8% Combined Ratio 1 increased 4 points from last year driven by sustained margins and lower-than-expected catastrophe losses over the last 12 months 19.6% OROE 1 more than 3 points higher than last year, driven by strong operating results over the last 12 months Q3-2025 Review of Performance 19.9% AROE 1 17.3% ROE 1 driven by a 3-point sequential improvement in Commercial lines, and continued double-digit growth in Personal lines Operating DPW growth 1,3 +6% increased 14% year-over-year and 5% quarter-over- quarter $103.16 BVPS 1
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6 Q3-2025 Canadian results Growth in the high-single-digits Growth in the low-double-digits Growth in the mid-single-digits Industry premium growth outlook2 reflecting 3% growth in units +11% reflecting 2% growth in units +10% improved sequentially as growth initiatives gained traction +3% Operating DPW growth1 92.4% was solid, despite elevated CAT losses, reflecting continued underwriting discipline 82.8% was strong, reflecting robust underlying performance and favourable PYD 91.5% was strong, driven by the benefits of our pricing and risk selection Combined ratio1 1 These are supplementary and non-GAAP measures. See Section 15 – Non-GAAP and other financial measures of the Q3-2025 MD&A, available on www.sedarplus.ca. 2 12-month industry outlook. For more details, please see Section 9 – P&C insurance industry outlook of the Q3-2025 MD&A, available on www.sedarplus.ca. PERSONAL AUTO PERSONAL PROPERTY COMMERCIAL LINES Q3-2025 Review of Performance Sub-95% combined ratio Sub-95%, even with severe weather Low-90s or better combined ratio Guidance
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7 Q3-2025 UK&I and US results Growth in the mid-single-digits Industry premium growth outlook2 Growth in the low-to- mid single-digits improved significantly, reflecting continued momentum in both new business and retention +8% Operating DPW growth (constant currency)1 reflecting remediation actions in the DLG portfolio and strategic exits -5% 1 These are supplementary and non-GAAP measures. See Section 15 – Non-GAAP and other financial measures of the Q3-2025 MD&A, available on www.sedarplus.ca. 2 12-month industry outlook. For more details, please see Section 9 – P&C insurance industry outlook of the Q3-2025 MD&A, available on www.sedarplus.ca. 83.6% improved 4 points year-over-year, reflecting strong underlying performance 95.5% driven by healthy underlying performance and more than 3 points of higher-than- expected CAT losses Combined ratio1 UK&I P&C US P&C Q3-2025 Review of Performance Maintain a low 90s or better combined ratio Guidance Evolve combined ratio towards 90% by the end of 2026
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8 Invest in our people and our community Expand leadership position in Canada • BrokerLink reached its 2025 goal of $5 billion in annual operating DPW, supported by the acquisition of $486 million in operating DPW so far this year, as it continues to build scale in distribution. • Web-influenced sales have increased 48% year-over-year, reaching $559 million in DPW year-to-date. 10%NOIPS GROWTH ANNUALLY OVER TIME 500 bps ANNUAL ROE OUTPERFORMANCE IFC launched its Executive Development Global Experience (EDGE) program, supporting continuous executive development while fostering a cohesive executive leadership community. Progress on our Strategic Roadmap Transform our competitive advantages & solidify outperformance On Side Restoration made a pivotal acquisition, acquiring Québec-based Excellence Renovation, expanding On Side’s presence into Québec’s dynamic market. IFC accelerated the use of artificial intelligence, with the deployment of speech-based generative AI across Canada’s claims operations, expecting to decrease handling times and improve customer experience. Q3-2025 Review of Performance Strengthen our leading position in UK & Ireland • We have now officially rebranded RSA, NIG and FarmWeb to Intact Insurance, uniting our global operations. This transition, bringing together deep local knowledge and global expertise, reflects a shared purpose and set of values as we continue to work towards doubling the size of our UK&I business by 2030. Build a Global Specialty Lines Leader • GSL expanded its Life Sciences proposition into Canada, now providing tailored P&C coverages across North America. • Tony Beal and Tom Argentieri have been appointed Chief Distribution Officers, focusing on supporting GSL’s ambition of $10 billion of operating DPW by 2030. Intact Insurance has joined forces with the Energy and Environment Institute at the University of Hull in the UK to advance climate adaptation research.
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9 Ken Anderson Chief Financial Officer Q3-2025 Review of Performance
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10 (5.7)% (5.2)% 55.0% 54.0% 22.1% 6.8% 32.5% 34.2% Q3-2024 Q3-2025 ◼ Expense ratio1 ◼ CAT loss ratio1 ◼ PYD ratio1 ◼ Underlying CAY loss ratio1 Delivering another strong quarter 1 These are supplementary and non-GAAP measures. See Section 15– Non-GAAP and other financial measures of the Q3-2025 MD&A, available on www.sedarplus.ca. Catastrophe loss ratio of 6.8% primarily due to the Newfoundland wildfires, as well as large commercial fires in the US and UK&I. Expense ratio of 34.2%, largely due to higher variable commissions and employee incentive compensation. Q3-2025 Review of Performance Strong underlying current year loss ratio of 54.0%, improving 1 point year-over- year, reflecting solid performances across all geographies. Solid favourable PYD ratio of 5.2%, driven by healthy development across all geographies and lines of business. Combined ratio1 (14.1)% 103.9% 89.8% Underlying current year loss1 Catastrophe losses1 Prior-year development1 Expenses1
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11 • Net operating income attributable to common shareholders of $797 million, reflecting robust underwriting, investment and distribution income. • Underwriting income of $598 million increased year-over-year, reflecting solid underlying performance across all geographies and lower catastrophe activity compared to last year. • Operating net investment income of $402 million increased 2% year-over-year, driven by higher assets. Our reinvestment yields are broadly in line with book yields. • Distribution income of $147 million increased 11% year-over-year, driven by higher variable commissions, as well as contributions from acquisitions. Robust operating results 1 These are supplementary and non-GAAP measures. See Section 15 – Non-GAAP and other financial measures of the Q3-2025 MD&A, available on www.sedarplus.ca. Q3-2025 Review of Performance $ 182 $ 797 Q3-24 Q3-25 338% $ (215) $ 598 Q3-24 Q3-25 $ 394 $ 402 Q3-24 Q3-25 $ 132 $ 147 Q3-24 Q3-25 Net operating income attributable to common shareholders1 Underwriting income1 Operating net investment income Distribution income1 nm 2% 11% in millions of Canadian dollars in millions of Canadian dollars in millions of Canadian dollarsin millions of Canadian dollars
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12 A.M. Best DBRS Moody's Fitch Financial strength ratings A+ AA Aa3 AA- Senior unsecured debt ratings a- A (high) A3 A- Maintaining a strong financial position 1 These are supplementary and non-GAAP measures. See Section 15 – Non-GAAP and other financial measures of the Q3-2025 MD&A, available on www.sedarplus.ca. 2 As of September 30, 2025. 3 As of reporting date. increased from last quarter, driven by strong operating earnings $3.3B Total capital margin1,2 decreased from last quarter, driven by strong capital generation 17.9% Adjusted debt-to-total capital ratio1,2 Capital position Capital Structure Q3-2025 Review of Performance Credit ratings3 DBRS and Moody’s reaffirmed our rating as stable increased 14% year-over-year and 5% quarter-over- quarter $103.16 Book value per share1,2 Equity We deployed $145 million to repurchase 534,600 common shares during the quarter. Normal course issuer bid Our NCIB program allows us to purchase for cancellation up to 3% of IFC’s issued and outstanding common shares
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13 Q&A Q&A
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14 After importing your image (insertion / image) you can make it fit inside the frame by right Investor Relations Geoff Kwan Deputy SVP , Finance and Chief Investor Relations Officer 1-866-440-8300 ext. 20022 ir@intact.net Media Inquiries Caroline Audet Manager, Media Relations and Public Affairs (416) 227-7905 / (514) 985-7165 media@intact.net Contact us Investor Inquiries Intact Financial Corporation 700 University Avenue Toronto, ON M5G 0A1 ir@intact.net www.intactfc.com